What is Property Mates?
Property Mates is Australia’s first digital platform that makes it easy to buy or sell a portion of a property – from a 1% stake to 100% ownership. With Property Mates, you decide on your budget and your preferred locations and then connect with like-minded property investors to purchase and co-own a property together.
If you already own a property, Property Mates gives you the flexibility to sell a portion of it rather than having to sell the entire property (although you can do that on Property Mates too!). That means you can free up equity to meet your financial goals, but you can still retain a percentage ownership of the property.
What do I get with a Property Mates subscription?
A Property Mates subscription allows you to access all the features of the Property Mates platform, including:
- Create pools and listings
- Join existing pools
- Chat with members
- Comment and post new threads in the forum.
I’m a property buyer. What can Property Mates help me do?
With property prices at record highs in Australia, it can feel almost impossible to buy a property on your own. With Property Mates, you can connect with like-minded property investors to pool your resources and own property together. By owning a portion of a property, you can avoid taking out a large home loan, but still get your foot on the property ladder. And, if your circumstances change, you can easily sell your share of the property through Property Mates to another member.
I’m a property seller. What can Property Mates help me do?
If you own a property, Property Mates can help you sell your property in a number of ways:
- Sell a portion, or percentage, of the property
- Sell different portions to different members through a property pool (if you can’t find an individual buyer for your portion)
- Sell the entire property to an individual buyer.
What is a property pool?
A property pool is a group of property investors who connect on Property Mates to buy a property together. A property pool consists of more than one person, up to the required number of people to make up 100% ownership of the property.
A property pool allows you to get started in property investment even if you don’t have the budget to buy a property on your own. By connecting with like-minded investors, you can ‘pool’ your resources and buy a property together, in a co-ownership structure.
What’s the difference between joining an existing pool and creating a new pool?
With Property Mates, you can join an existing property pool, or create a new one. An existing property pool will already have a specific property linked to it, with at least one co-owner attached. The pool will show the available portion (the percentage ownership that’s available to buy), the purchase price, and the other members who own the property.
If you’re interested in purchasing a property that’s not already listed on Property Mates, you can create a new pool to find interested co-owners. From the homepage, select I need co-owners, add information about the property, decide on your budget (the amount you would like to contribute to the purchase of the property), then post your listing.
How do I join a pool?
If you’ve found a pool that you’re interested in joining, you can request to join it by sending a connection request to the Pool Admin. Go to the pool listing and select Connect or Show your interest. The Pool Admin can then either approve or reject the request. Once you’re connected with the Pool Admin, the Pool Admin can then add you to the pool. As a pool member, you’ll be able to use the pool chat to send a message or ask a question.
I want to sell my portion of a property, but the other co-owners want to keep their portion(s). Can I just sell my portion?
Absolutely! Property Mates makes it easy to buy and sell a portion of the property by helping you find like-minded property investors who share a similar vision. If you own a portion of a property and you want to sell it, you can create a listing by selecting I want to sell a property on the homepage, then add the property information, the % ownership that’s for sale, and the price. Once your listing is live, interested buyers can contact you to negotiate the sale.
I’m ready to buy property. What happens now?
How exciting! Once you’ve connected with your new co-owners via Property Mates, you’ll need to start the property purchase process. This process isn’t facilitated by Property Mates and will need to be conducted offline via a real estate agent and solicitor/conveyancer. You’re free to choose your own team to assist with the purchase, and we also recommend connecting with your fellow co-owners outside of the Property Mates platform to ensure you’re all in agreement about the next steps.
In future, we’ll be bringing you a directory of trusted agents and solicitors, along with helpful articles, tips, and tools, so you can access all your essential property resources on the one platform.
What is a ‘forum’?
A forum is an open-ended discussion that can be used by a Property Mates member (buyer or seller) to ask a property-related question. Other members can provide answers, or share their experiences.
How do I know that other members, or their listings, are genuine?
To create an account, members must provide their email address and phone number, which are verified by the Property Mates team before the account is created. Members are also encouraged to upload a form of ID, such as a driver’s license or passport. Members who have included their ID with their account will earn a Golden Shield to demonstrate that they are fully verified.
The Property Mates team review all property listings before they go live on the platform to make sure they’re genuine. If you suspect that a member or listing does not meet our guidelines, please contact us and we will investigate.
How do I report someone?
Although we follow a strict verification process for all members, if you suspect that a member or listing does not meet our guidelines, please contact us and we will investigate.
How do I ask someone to join a pool?
If you’re a Pool Admin and you’ve found someone who may be a good fit for your pool, you can send them a connection request. Go to the member’s profile and select Connect, then Send request. Once you’re connected, you can then choose to add the member to the pool.
If you have any further questions, or you would like to share your feedback, we’d love to hear from you. Visit our contact us page for more information on how to get in touch.